Economic Growth could raise the revenues to cover the deficit. However, government spending typically depresses economic growth, so Tully does not see this as viable.

Reducing spending would obviously be the best solution, but is not foreseeable with the current administration and makeup of congress.

A value-added tax, which is essentially a national sales tax (in addition to our income tax) would be able to feasibly cover the current deficit projections.

Since the closest thing to immortality is a government program, and the Democrats control the White House for at least another two years, a VAT is not inconceivable. What is inconceivable is the burden it will put on our economic system and on working families. If a VAT is implemented, it may be decades before we again see the prosperity in this country that we knew from 1980-2008.